Spinny Prepares for Mumbai IPO with Tier-1 Banking Support

Valuedrive Technologies Pvt. Ltd., the operator of the used-car marketplace Spinny, is exploring a public listing in Mumbai. The company has reportedly initiated the process by hiring a consortium of prominent financial advisers to steer the offering. Backed by heavyweight investors including Tiger Global and Accel Leaders Fund, Spinny represents a significant player in India's shift toward organized used-vehicle commerce. The move comes as more Indian unicorns seek liquidity and valuation benchmarks through public markets. To manage the listing process, the company has tapped Kotak Mahindra Capital Co., Morgan Stanley, and Citigroup Inc. These firms will provide the necessary underwriting and advisory services to navigate the regulatory requirements of the National Stock Exchange. While specific valuation targets were not disclosed, the IPO is expected to be a bellwether for the appetite for consumer-tech listings in India. Investors will be watching closely to see if the company can maintain its growth trajectory in a competitive automotive landscape.